DON'T START A BUSINESS BEFORE YOU WATCH THIS..
Research shows it that of 100 businesses that open up at the beginning of every year, it’s only about 40 of those that make it till the end of the year, and of those 40 that make it to the end year, it’s only 10 of those that usually make it till the end of the second year and that’s due to a number of factors, but in this post am going to share with you some of the mistakes you need to avoid if you want to succeed in the business or investing world, I hope your like and enjoy reading this post.
1-Invest based on logic and not emotions
Most people invest in businesses simply because someone they know or a relative is making a profit out of certain line of business, which in most cases results into them losing their capital, cause they go into businesses they don’t have enough information about, and this is one of the reasons to why most businesses never last long, cause people invest based on what they feel or see and not what they know, so always take your time and make sure to make proper research about the business you investing in before you invest.
2-Always start with the end picture in your mind when invest
Almost 95% of the people who open up businesses start with the starting picture in their mind and not the end, and when they face one or more challenges, they easily quit out of the business and that’s because they be lucking a sense of drive, so always try and fully know what you want out of your business and how far you would love to take it, as this will act as your guide line and drive through your business journey so that even when you hit the hard times you will still be motivated to make it happen.
3-view investing as a marathon and not a sprint
When investing never start with a mindset of wanting to make a profit from the word go, as it will be a discouragement if things don’t go as you expected which in most cases results into many giving up on something they would have turned into empires, always invest based on long time goals and not short term goals, that way you will even be giving your business or investment time to breath and grow.
4-seek for professional advice
Always seek for professional advice about the business you be planing on investing in before your start, as it helps to give your a clear and perfect picture about your business idea, and it always helps to save you time and money.
5-pay yourself
One of the reasons why most businesses never succeed is because most business owners over long themselves and neglect putting themselves on a payroll, which in most times results into them using up their business capital for their personal enjoyments which results into their businesses failing to succeed.
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